GRAINS-Soybeans drop on rain forecast; USDA report eyed

(Updates prices) SYDNEY, Aug 6 (Reuters) - Chicago soybeans fell more than 2percent on Monday, unwinding last week's gains, on forecasts forlight rain in some regions of the drought-battered U.S. Midwestover the coming days. New-crop corn slid more than 1 percent after a steep rallyof about 54 percent in the last two months, while wheat droppedfollowing a 3 percent gain in the previous session. "There's cooler weather and a little bit of light rainforecast, which I think is keeping the market a bit depressed,"Andrew Woodhouse, a Sydney-based analyst at Advance TradingAustralasia said. But the drop in prices should be limited as investors awaitfresh trading cues from a key supply-demand report from the U.S.Department of Agriculture later this week that will quantifycrop damage from the worst drought in 56 years. Chicago Board Of Trade November soybean fell 2.2percent to $15.93-1/4 a bushel by 0545 GMT after climbing 1.7percent last week. Soybeans dropped to a low of $15.75-3/4 abushel earlier in the session, lowest since July 27. December corn fell 1.2 percent to $7.97-1/2 a bushelafter climbing 1.5 percent on Friday, while front-month wheat fell almost 1 percent to $8.82-3/4 a bushel. An upbeat U.S. jobs report and private forecasts that thedrought has hurt U.S. crops more than government surveysindicate boosted grain prices on Friday.